PXP Energy shares jump on Philippines-China exploration hopes


Posted at Sep 12 2019 10:17 AM | Updated as of Sep 12 2019 10:19 AM

MANILA -- PXP Energy shares extended gains on Thursday after President Rodrigo Duterte said he was willing to set aside the Philippines' victory against China in an international arbitration court to give way to joint exploration.

Shares of PXP Energy, which has a service contract in the South China Sea, were up 4.7 percent in early trading, compared to a 0.29-percent decline in the main index.

"I'm hoping it will be a surprise stock for us," BDO Capital President Ed Francisco told ANC's Market Edge.

Traders see "a lot of potential" in PXP Energy, which is eyeing talks with state-run China National Offshore Oil Corp, Francisco said.

Citing his recent conversation with Chinese counterpart Xi Jinping in Beijing, Duterte said Xi offered a 60-40 sharing scheme in favor of the Philippines.